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Corporate Law - The investment in Unit Link Insurance Plans (ULIPs) is now all set to be governed by new set rules from the Insurance Regulatory and Development Authority (IRDA), to be incorporated in all ULIPs offered from next month. Accordingly, the three-year lock-in period for all unit-linked products will be increased to five years....
Read MoreCorporate Law - The tug of regulatory war over unit linked insurance plans (ULIPs) has ended with regulatory regime to be retained with insurance regulatory body (IRDA). The Central Government has promulgated an Ordinance (legislation) to the effect that ULIPs shall be regulated by IRDA only, thus ending the ongoing claims by both regulators- SEBI and I...
Read MoreCorporate Law - In order to examine proposals received for allowing the Insurers to settle claims in installments in respect of personal accident and benefit based products, the Authority constituted a working group vide IRDAI order ref IRDA/HLT/ORD/MISC/171/10/2018 dated 12th October 2018....
Read MoreCorporate Law - The Insurance Regulator, IRDA of India has come out with another circular in furtherance to its previous Circular No. IRDAI/INT/CIR/CDB/19708/2017 dated 24.8.2017 which laid down the road map for the constitution of a Central Database of all the Licensed Insurance Sales Persons in India at Insurance Information Bureau of India (IIB), wher...
Read MoreCorporate Law - Presently life insurers file proposal forms with IRDAI and reviewed under the File and Use procedure at the time of product clearance. The proposal forms are customized by Life Insurers for the specific products and there is no useful purpose served by mandating a uniform proposal form format for all companies and products....
Read MoreCorporate Law - The insurers carrying out Life, General and Health insurance business need to value their insurance business liability every year by Appointed Actuary of the insurer. This is also applicable to the Reinsurers operating reinsurance business. As per the existing Assets, Liabilities and Solvency Margin Regulations the Appointed Actuaries of ...
Read MoreCorporate Law - Attention is drawn to IRDAI’s (Payment of commission, remuneration or reward to insurance agent or insurance intermediaries) Regulations, 2016 notified on 14th December, 2016 in the official gazette....
Read MoreNew India Assurance Co. Ltd. Vs. Union of India (Delhi High Court) - Every claim made against an insurance company in respect of a loss, would be a claim within purview of claims “requiring to be paid or settled” under section 64UM(2) of Insurance Act....
Read MorePushpa @ Leela & Ors. Vs Shakuntala & Ors. (Supreme Court of India) - The Supreme Court held recently held in the case of Pushpa @ Leela & Ors. Versus Shakuntala & Ors that the insurance company will be liable to pay compensation for road accident death even if the owner had sold the vehicle so long as his name is the official register. The previous owner m...
Read MoreLimitation period means the time within which a person must file his case before a judicial authority for exercising his rights. This period is to be calculated from the date of the cause of action. This term does not have any definition, but it is well settled that “cause of action” is a mixed ...
Read MoreRef: IRDAUCAD/CIR/PPHI/059/04/2019 - (10/04/2019) - Clear and transparent communications play a vital role in servicing of insurance policies and in ensuring that the benefits of insurance policies flow to the beneficiaries in a timely manner. Further, when it comes to claims, there is a need to make available a tracking mechanism for policyholders ...
Read MoreF. No IRDAI/RI/3/154/2019 - (04/04/2019) - INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA NOTIFICATION Hyberabad, the 4th April, 2019 F. No IRDAI/RI/3/154/2019.—In exercise of the powers conferred by Sub-section (2) and (4) of the Section 101A of the Insurance Act, 1938, the Authority, after consultation with the Advisory Committe...
Read MoreRef. No: 228/F&A (NL)/COI-DIR/01/2018-19 - (08/03/2019) - Exposure Draft on Insurance Regulatory and Development Authority of India (Conflict of Interest) Guidelines, 2019- The provisions of the Companies Act, 2013 (CA 2013) shows that a company shall not enter into any contract or arrangement with a related party with respect to specific activities withou...
Read MoreNotification No. IRDAI/Reg/2/153/2019 - (21/01/2019) - These Regulations may be called the Insurance Regulatory and Development Authority of India (Insurance Brokers) (First Amendment) Regulations, 2018....
Read MoreRef. No: IRDA/RI/GDL/MISC/012/01/2019 - (16/01/2019) - Insurance Regulatory And Development Of India Ref. No: IRDA/RI/GDL/MISC/012/01/2019 Date: 16-01-2019 IRDAI (International Financial Service Centre Insurance Intermediary Offices) Guidelines, 2019 Guidelines Insurance Regulatory and Development Authority of India (International Financial Service Ce...
Read MoreRef: IRDAUCAD/CIR/PPHI/059/04/2019 - (10/04/2019) -
F. No IRDAI/RI/3/154/2019 - (04/04/2019) -
Ref. No: 228/F&A (NL)/COI-DIR/01/2018-19 - (08/03/2019) -
Notification No. IRDAI/Reg/2/153/2019 - (21/01/2019) -
Ref. No: IRDA/RI/GDL/MISC/012/01/2019 - (16/01/2019) -
Ref IRDAI/NUCIR/MOTA31108/2018 - (28/08/2018) -
IRDA/INT/CIR/CDB/082/05/2018 - (29/ M/ay 2) -
IRDA/F&A/CIR/MISC/052/03/2018 - (27/03/2018) -
Ref: IRDAI/SDD/CIR/MISC/047/03/2018 - (20/03/2018) -
